Jon Hilsenrath talks with three top economic professors about how the US needs to develop a new global economic strategy to meet the changes in the international economic system.

This transcript has been automatically generated and may not be 100% accurate.

I ... likes ... to surge ... all ... and it receives the nineties the number would be that once U S exports ... ten years bought twenty five percent to developing countries to fifty percent ... so you've got combined with what we heard about Europe and in a sense of demographic problems and can you get a big shift in the international system you're going on ... in a lot of those countries will also hit challenges like in China with ... the awarding the middle income trap a structural shift ... but ... what I want to connect to use the stuff that were doing at home in United States that she isn't enough ... the United States that needs an international economic strategies of the things that Prime Minister knows that were talking about ... so the e can leverage the semester revival with a new international growth system ... because the old system is no longer ... exist in the door for him you've got these rights in economies ... and you you've got you've got market share to Africa ... grew in five to six percent a year for for decking before the crisis in the snow back on the growth trajectory ... to there's opportunities in every one of those developing our skin and can these developing markets keep up the pace of growth that they had that they've demonstrated in the last ten years were already Singh China's slowdown is ... the last ten years this ignoble work into ... it very economy China will slow down the population is simple the one child policy means you get less Libor coming into the market ... and that goes to this critical issue of ... what ... we did with our forward China about the middle income trap RU increased TP productivity are you keep growth going when you start to get five six seven thousand dollars year per capita income ... for the tech secret supper that's ... because some of these are to have to do for example would be open the service sector which could actually help the United States ... the the trade matters the logistics of supply chains investment ... I was talk with one of the CEOs today you various last night who's ... in a major company was bought out by a Chinese company your Tennessee a whole was important for the people to recognize it's ... not just didn't reader growth but whether it's Investment remittances tourer is supplying logistics change ... the system has been going through a transformation ... each of those provided piece of opportunities ... Austin ... Prof ... twenty thirty will of the US has been growing up you know maybe two percent which is not ... good ... and that's the fastest of ... pretty much the whole advance world learned that tells you what's ... what is wrong has been ruling that its demands for mostly developed a what and they can to answer we have ... well the soul that is if you look at the US context ... other than the six to nine months of bumping as I think the prospects are not bad in the US the fact that major companies are investing ... is likely a forward looking indicator ... with the population's up about ten million since the recession started household formation been close to zero ... we got way overbuilt and housing ... historically ... housing related college construction real estate some you know household oriented manufacturing ... is about a third of a normal expansion ... it's a highly cyclical part of the economy and we've gotten A literally zero from that for multiple years so as we ... start to turn the corner ... even if it doesn't go back to the go go days of the two thousands ... of ... that still gonna add some significant component to the growth rate in the US ... and you know we can ... probably get up someplace well above two percent so I don't I don't think these ... I don't think those numbers are are ... are that surprising I'd ... I do think ... on average emerging markets tend to grow faster they start from a low base but when they go wrong they go terribly wrong ... that I mean that's the history of of investment in emerging markets ... I think it's an area we want them to keep growing the way they've been growing ... I mean is Bob said that thinks ... that ... Europe's ... that Best gonna be stagnant ... in the medium term ... Japan has had ... well documented growth problems ... and so it has to come from emerging markets the interim it were to shift their exports and investment led growth is can eventually be to those markets ... what causes a vote of confidence in us and I'm ... I'm not sure ... that you can just take those numbers in case I have for corporate investment in place an investment like to know where the existing investments ... rose to the percentages should be compared to their base ... as well so ... what is is it a twist to it with their increasing investment in hiring him was that the law that's a lot of it out but I don't see a ... increase could be ... because of a lot of stuff to replace it strike ... you increase of ten percent ... but that doesn't mean that all that is so ... his new stock ... um second of all ... of the US is has a variety of things that could lead to stronger growth we should be growing ... at over four percent for several years of such a deep recession compared to previous ... recovery's previous deep recessions ... has been delayed for a variety of reasons why not worth arguing about that because it's here ... I think some of which policies are probably more than Austin with that we can skip that ... on to any show up I think the big issue is China ... on and I think they're going through a leadership transition and whether they're going embrace the kinds of reforms that ... of the World Bank and China build a research note ... foundation crew suggested ... GM has licensing enterprises emphasizing domestic demand growth for its exports ... on the right things of that sort of ... way and that Libor and financial reforms ... of the cases that are still very much of the year so ... on and the good news is our ... stay out of financial or real estate Center problems in such large ... foreign reserves three point three trillion ... such high seeding rate is taken ... and a political system that can cover it ... became rather than fight about ... so I think that this is some more regulatory but dove but not this positive I think the US has puts intakes ... I think the fiscal cliff is one nice thing continued deleveraging continued difficulty of small medium size businesses in capital ... is it is a big drag ... um but on the other hand if energy prices low he got ... a little relatively you've got to search for natural gas he got ... on housing having the euro hit bottom starting to